Memo or destination tag
A memo or destination tag is an extra identifier some crypto services use to assign a deposit sent to a shared blockchain address to the correct customer account.
✦ Key Insight
Sending to the correct address without the required memo or tag can leave your deposit uncredited and may require a manual recovery process.
✕ Common Misconceptions
Never assume the address alone is enough. Copy the memo or tag exactly and check whether the receiving service says it is required.
Detailed Explanation
In Practice
Dig Deeper
Address
An address is a public identifier used to specify a destination or account on a blockchain network.
Destination Tag
A Destination Tag is an additional numeric identifier commonly used by XRP services to identify the intended customer when multiple users share the same XRP Ledger address.
Memo
A memo is additional transaction data that some blockchain networks and custodial services use to identify, describe or route a payment.
Omnibus Wallet
An omnibus wallet is a shared blockchain wallet in which a custodian pools funds for multiple customers while tracking each customer's balance in its internal records.
Transaction Hash (TxID)
A transaction hash or TxID is a unique identifier used to locate and verify a specific blockchain transaction.